SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) FEBRUARY 8, 1999
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COASTAL BANCORP, INC.
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(Exact name of registrant as specified in charter)
TEXAS 0-24526 76-0428727
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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5718 WESTHEIMER, SUITE 600, HOUSTON, TEXAS 77057
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number including area code (713) 435-5000
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(Former name or former address, if changed since last report) Not
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applicable
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ITEM 5. OTHER EVENTS.
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On February 3, 1999 Coastal Bancorp, Inc. ("Coastal") announced that the
Board of Directors approved the election of Paul W. Hobby to the Board of
Directors of Coastal Bancorp, Inc., effective February 1, 1999. Coastal through
its wholly-owned subsidiary, Coastal Banc Holding Company, Inc., owns 100% of
the voting stock of Coastal Banc ssb, a Texas-chartered state savings bank
headquartered in Houston.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
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EXHIBITS.
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(a) Financial Statements
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No financial statements are required.
(b) Pro Forma Financial Information
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No pro forma financial information is required.
(c) Exhibits
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No. Description
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99 Press Release, dated February 3, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COASTAL BANCORP, INC.
/s/ Catherine N. Wylie Date: February 8, 1999
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by: Catherine N. Wylie
Executive Vice President/
Chief Financial Officer
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COASTAL BANCORP, INC.
EXHIBIT 99
PRESS RELEASE OF THE REGISTRANT DATED FEBRUARY 8, 1999
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. ANNOUNCES A NEW DIRECTOR
HOUSTON (February 3, 1999) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that on January 28, 1999 the Board of Directors
approved the election of Paul W. Hobby to the Board of Directors of Coastal
Bancorp, Inc., effective February 1, 1999.
"We are elated that Mr. Hobby agreed to join our board," said Manuel J.
Mehos, Coastal's Chairman and CEO. "With Paul's Texas roots and his experience
in business, he can help strengthen Coastal's position as a bank with strong
ties to Texas and a thorough knowledge of what Texans need and want in a
financial institution."
Mr. Hobby is the Chairman and CEO of Hobby Media Services, Inc, an
investment company focused on new as well as traditional media investments. He
has an extensive background in all phases of the media industry including
information technology products related to those fields. He is a licensed
attorney and active in politics and the community.
Coastal Bancorp, Inc., through its wholly-owned subsidiary, Coastal Banc
Holding Company, Inc., owns 100 percent of the voting stock of Coastal Banc ssb,
a Texas-chartered, state savings bank headquartered in Houston. Coastal Banc
ssb operates 49 branch offices in metropolitan Houston, Austin, Corpus Christi,
the Rio Grande Valley and small cities in the south east quadrant of Texas.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts contain forward looking information with respect to plans, projections or
future performance of the Company, the occurrence of which involve certain risks
and uncertainties detailed in the Company's filings with the Securities and
Exchange Commission.
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